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September 26, 2007

Idaho Credit Union Executives Head for the Solomon Islands

Credit unions in the Solomon Islands are working hard to improve their members’ lives.

BOISE, IDAHO— The Board of Directors of the
Idaho Credit Union League approved last month an
international partnership agreement with the
Solomon Islands Credit Union League. In October,
three Idaho credit union executives will travel to
the Solomon Islands to formalize this agreement
with the credit unions of the Solomon Islands and
to perform a needs assessment to determine how
Idaho credit unions can best help the 159 credit
unions that make up the Solomon Island Credit
Union League (SICUL). Working in conjunction with
Credit Union Foundation Australia (CUFA) and the
World Council of Credit Unions (WOCCU) – the apex
trade association of the international credit
union system representing more than 172 million
people worldwide – Idaho credit unions will assist
Solomon Islands credit unions in their effort to
bring much needed financial services to the people
of this region.

Shane Berger, chairman of the Idaho Credit Union
League and CEO of Beehive Federal Credit Union in
Rexburg; Vice Chair Glenda Hart, CEO of Latah
Federal Credit Union in Moscow; and Alan Cameron,
president/CEO of the Idaho Credit Union League,
initially will travel to Australia to meet with
CUFA representatives and then will travel to the
Solomon Islands to visit with SICUL and government
officials as well as individual credit unions.

“Solomon Island credit unions are a key component
of the effort to bring financial stability to this
country. Idaho credit unions are committed to
helping these credit unions by serving as a
partner they can call upon to provide technical
assistance and educational resources to help them
better serve their own members”, said Alan
Cameron. He also noted that this partnership
could not have occurred without the financial
assistance of Idaho credit unions, WesCorp Federal
Credit Union, CUNA Mutual Group, and American
Share Insurance. “We are deeply grateful to our
members and these business partners for their
commitment to this important project”, Cameron
said.

Credit unions began organizing in the Solomon
Islands (located in the South Pacific due east of
New Guinea) during the 1980s. Since its
establishment in 1987, SICUL has led the rapid
expansion of credit unions and MicroFinance Rural
Resources Centers (MRRCs), where people in small
rural communities pool their funds in savings
clubs.

Today credit unions and their associated MRRCs
serve more than 62,000 members in the Solomon
Islands, where 85% of the total population lives
in rural areas with little or no access to basic
financial services or infrastructure. Roads do not
reach many rural areas, causing people to walk
long distances to get anywhere. Villages elect
treasurers to hand carry the pooled savings of the
MRRC to the nearest road and then buy passage on a
truck to take them to a credit union for deposit –
often a two day trip.

In April 2007, a devastating tsunami hit the
islands destroying entire villages. In the
aftermath of the disaster, the credit unions
operated radios 24 hours a day to help villagers
across the islands connect with their families and
find out where they could go for aid, shelter, and
assistance.

“Even before the tsunami struck earlier this year,
credit unions in the Solomon Islands were working
hard to improve their members’ lives,” according
to Brian Branch, WOCCU’s chief operating officer
and executive vice president. “Through their
participation in WOCCU’s International Partnership
program, leaders from the Idaho credit union
system will be assisting credit unions and their
members in the Solomon Islands to drive their own
economic development.”

The Idaho Credit Union League recently signed a
three-year commitment to work with the Solomon
Islands Credit Union League in a mentoring role to
aid in further development of their financial
services. During this time, there will be several
opportunities for credit union leaders to lend
their talents to island credit unions, as well as
opportunities to host Solomon islanders who will
visit and learn in Idaho communities. “This
relationship will be a two-way learning
experience,” stated Berger. “As much as we can
offer their credit unions in areas such as
accounting practices, technology, and financial
planning, they will give back in immeasurable,
life-enriching lessons.”

The Idaho credit union leaders will return after
the two-week trip and bring their findings to the
Idaho Credit Union League board of directors who
will then formulate a plan to best meet the
identified needs.

World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 57,000 credit unions in 103 countries serve 208 million people. Learn more about World Council's impact around the world at www.woccu.org.